January 17, 2024

Web3 TVL goes past $100B as Ethereum grows by $8B

This past week, the Web3 industry's total TVL breached the $100B mark as it surged to $106.74B. The total TVL balance across 221 Web3 ecosystems tracked by the 0xScope team increased by $8.74B, an 8.92% increase from $98B a week ago. About 66% of all Web3 ecosystems saw higher TVLs this week, as the industry continues to benefit from the increased market activity that followed the recent approval of spot Bitcoin ETFs (exchange-traded funds).

In this edition of the Web3 Hot Trends report, we discuss the latest trends and bright spots across Web3 ecosystems and projects.

Ecosystem TVL Growth

TVL is an essential indicator of how much capital is currently engaged in the decentralized finance (DeFi) space. Here are some key observations from TVL growth data we tracked this week.

1. Ethereum adds $7.98B to its TVL amid ETF prospects. This week, Ethereum's TVL grew by 11.77% to $75.78B, while the $ETH token surged by around 7% to get past the $2,500 price mark. The recent approval of spot Bitcoin ETFs resulted in a more active crypto market that brought in more funds to some of Ethereum's prominent DeFi apps. In addition, crypto traders are excited about the potential creation and approval of spot ETH ETFs, while spot BTC ETF makers like BlackRock have started to prepare for it.

2. Sui TVL grows by 37.47% as its token hits a new ATH. Sui added $94.6M to its TVL this week as its ecosystem grows to $347.2M, bigger than Bitcoin's . In the same week, the $SUI token hit a new all-time high of $1.43, as its DEX trading activity surged by 82.42% and processed transactions reached $350M.

3. ICP, PulseChain see major TVL growth. This week, ICP and PulseChain have shown TVL growth rates of 181.81% and 97.31%, respectively. ICP added $57.6M to its locked funds to grow its ecosystem's TVL to $89.2M, while PulseChain nearly doubled its TVL to $292.6M after recently growing by $144.3M.

While there are no significant updates about the two Web3 platforms, $ICP and $PLS tokens trended upwards in recent weeks, likely contributing to TVL growth. Here's a sneak peek of a recent analysis report on the $ICP token, created by Scopechat, your AI-powered crypto trading assistant:

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Project TVL Growth

Diving deeper into the projects’ TVL growth, the 0xScope team spotted positive trends from the projects that stood out this week:

1. Aave adds $562.6M to its TVL as it considers Solana expansion. This week's top-performing Web3 project in terms of TVL growth is Aave, with a 9.42% rise on Ethereum, as well as an additional $28.7M (+7.98%) on Polygon. Meanwhile, the Aave community is reviewing a proposal to expand to Solana via Neon EVM. If this proposal gets approved, Aave can gain a significant foothold in the Solana ecosystem and rake in more TVL.

2. Sun rises 21.33% despite Tron's $233.3M TVL fall. Tron-based stablecoin swap project Sun saw its locked funds grow by 21.33% after a recent $80.2M infusion. Sun showed strong growth this week, while its home blockchain Tron lost 2.8% of its total TVL, which is now at $8.1B.

3. BSC-based DeFi project Magpie almost doubles its TVL. Magpie, which recently received a grant worth $2.5M from Arbitrum, saw its TVL rise by $12.5M this week, representing a 96.07% growth for the multi-chain, yield-boosting project.

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Project User Growth

Project user growth can offer insights into the adaptability and popularity of specific projects. Here’s what stood out:

1. BSC projects dominate user growth list. Web3 projects built on BSC occupied 5 of the top 10 positions in our user growth list. Notable projects include TinyTap, which has topped our rankings for several weeks after growing its users by 150,668 this week and hundreds of thousands more in the recent past, as well as Jumper Exchange LI.FI protocol and Autoshark, which both grew their user bases by 13.05%.

2. Polygon projects also see growing user numbers. Projects built on Polygon are also well-represented in this list, with Popcorn adding 32,850 new users and Galxe growing by 25,798 users.

Full List


Users, as defined by 0xScope’s tools, pertain to real users behind addresses, calculated by 0xScope’s proprietary entity and bot recognition algorithm.

VL stands for the total value locked in a project. 0xScope computes an ecosystem's TVL as the sum of the TVLs of all projects under that ecosystem. Crypto assets bridged to an ecosystem without being stored in Web3 projects do not count under that ecosystem's TVL count.

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